On4 Communications Inc (OTCMKTS:ONCI) shares advanced 40% on Tuesday to $0.00112 and were flat in after-hours trading. Share prices have been trading in a 52-week range of $0.00 to $0.01. The company has a market cap of $3.69 million at 3.29 billion shares outstanding.
Earlier this year, On4 Communications Inc made its first acquisition in the trillion-dollar mobile app space through FMS Marketing. This week, On4 Communications Inc announced that FMS Marketing has been selected as 1 of 5 Vendor Finalists to present the FMS Drive Safe App to two leading Asian auto manufactures with headquarters in South Korea.
CEO Steve Berman will be departing for South Korea this week to join the marketing team in presenting their pitch. These two automakers are looking for distracted driving solutions for their Asian customers at the manufacturer level. He is also scheduled to travel to Japan to present the FMS Drive Safe App to three large Japanese-based auto insurers and then to Jakarta Indonesia with the FMS Marketing team to meet with two large auto dealer groups.
“We are honored to be selected as 1 of the finalists as two of Asias leading auto manufacturers currently in the process of seeking solutions for distracted driving. The fact that our FMS Drive Safe App has been selected as a finalist is a testament to our hard work over the past several months and provides proof positive that the FMS Drive Safe App is gaining a reputation as a leading distracted driving solution,” remarked Berman.
This supplements the positive news that the company shared earlier in the year when it generated its first-ever revenues. It secured 8 new Auto Dealer Vendors in Florida State for their premium FMS Drive Safe App. Berman noted that it takes approximately 6 months for full vendor implementation but that they extrapolated attaining an average $7K in recurring monthly revenue per vendor.
“With the demand for our FMS Drive Safe App service now gaining an incredible amount of traction amongst auto dealers, I will be returning to Florida in approximately 3 weeks to close on 10 more auto dealers who have already expressed a great deal of interest,” Berman explained.
On4 Communications Inc is a company that intends to become the onsite provider of certain mobile home care dental related services to senior citizens in their senior assisted living facilities where such onsite services are not being provided. The company is also focused on providing other medical services, with the additional focus of acquiring and/or merging businesses primarily operating in the healthcare industry. The company was engaged in providing prepackaged software and reported its first-ever revenues recently.